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Kospi opens lower as political turmoil follows martial law order

Published: 04 Dec. 2024, 09:49 Updated: 04 Dec. 2024, 11:01

A screen in Hana Bank's trading room in central Seoul shows shares opening on Wednesday. [NEWS1]

Shares opened lower Wednesday as political uncertainties arose after President Yoon Suk Yeol lifted a short-lived attempt at martial law.

Kospi fell 25.95 points, or 1.04 percent, to 2,474.15 in the first 15 minutes of trading.

Late Tuesday, Yoon declared an "emergency martial law," accusing the main opposition Democratic Party of sympathizing with North Korea and paralyzing the government with antistate activities.

But Yoon later lifted the martial law after the National Assembly voted to demand it be lifted.

In Seoul, most large-cap stocks declined.

Samsung Electronics fell 1.3 percent, SK hynix shed 0.55 percent and Hyundai Motor was down 1.86 percent.

LG Energy Solution declined 2.14 percent, and Samsung SDI, also dropped 2.68 percent.

Among gainers, KT rose 1.34 percent, KT&G climbed 0.57 percent and Korea Zinc was up 9.47 percent.

The local currency was trading at 1,409.5 won against the greenback at 9:15 a.m., up 6.6 won from the previous session.

Yonhap